The has a new owner. Irvine-based Pacific Hospitality Group purchased the 210-room hotel, which opened in 2004 by Lowe Enterprises. The hotel features a 26,000-square-foot conference facility, an 8,000-square foot spa and three restaurants. The resort property was managed by Destination Hotels & Resorts.
Commercial brokerage Jones Lang LaSalle announced the listing on June 1.
“Estancia La Jolla is a beautiful hotel property in a prime location on Torrey Pines across from the world-renowned University of California San Diego,” said Kory Kramer of PHG. “We will continue to grow both the leisure and group conference business, especially given the volume of surrounding health and technology related companies.”
The sale closed Thursday. Financial terms were not disclosed.
Earlier this year the San Diego County Assessor's office said that the property's assessed value was $70,426,119.
The new owners also operate the Crowne Plaza Anaheim Resort, the Doubletree Irvine Spectrum, the Doubletree Santa Ana/Orange County Airport and The Meritage Resort and Spa in Napa.
John Strauss of Jones Lang LaSalle represented Lowe Enterprises in the sale. PHG was advised by The Busch Firm, Bruce Baltin of PKF Consulting and Eagle Four Equities.
–City News Service contributed to this report.
